PSR publishes annual plan and budget 2026/27

The UK Payment Systems Regulator (PSR) has published its annual plan and budget, setting out its key aims, activities and costs for 2026/27. The PSR's work programme for the year ahead will embed many of the changes it set out last year. It will also maintain momentum on major, long-term initiatives while responding to new challenges. Over the next year, the PSR will focus on:

• Delivering the National Payments Vision: The PSR will oversee the delivery of critical payments infrastructure, working closely with the Bank of England, HM Treasury and the UK Financial Conduct Authority (FCA) through the Payments Vision Delivery Committee.
• Continuing action to tackle authorised push payment fraud: This year, the PSR will publish the independent evaluation of the first year of its authorised push payment fraud reimbursement scheme and consider if it needs to take further action.
• Enhancing its approach to supervision and enforcement: The PSR will continue to strengthen its business model and align it with FCA practices. This will enhance the PSR';s oversight of the firms it supervises.
• Continuing action on card fees: The PSR will continue to progress its work and consider next steps on cross-border interchange fees. It will also consult on its final remedy on regulatory financial reporting and monitor compliance with its requirements in relation to domestic scheme and processing fees.
• Driving open banking forward: The PSR will continue to support the FCA in establishing a long-term regulatory regime and a Future Entity to oversee open banking.
• Supporting consolidation with the FCA: The PSR will deliver consolidation planning that manages impact and provides clarity and certainty for regulated entities, enabling them to continue operating with confidence.

The PSR confirms that its budget for 2026/27 is GBP26 million. This is 7% less than 2025/26, reflecting efficiencies the PSR has achieved by consolidating its operations within the FCA while maintaining its capacity to deliver its core regulatory responsibilities and complete ongoing work. The PSR will continue to look for further efficiencies and will work closely with the FCA to ensure its operations are ready for full consolidation.

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